Courtesy of the Abbott Historical Archives

By Stephanie Cuba

Long before gender equality and corporate social responsibility made headlines, a handful of extraordinary women quietly— but powerfully— shaped the American business landscape from within its highest ranks. In the late 19th and early 20th centuries, when boardrooms and executive suites were exclusively male, women like Clara Abbott, Anna Bissell, Lettie Pate Whitehead Evans and Marjorie Merriweather Post not only secured seats at the table— they helped build the table. While following different paths into corporate life, these trailblazing women shared a strategic mind for business, a belief in their rightful place at the helm and an unshakable determination to do well by doing good.

All four are worthy role models who steered companies that remain global powerhouses today: Abbott Labs, Bissell Homecare, Coca-Cola and General Foods. Abbott was the first woman to serve on the board of a major US company( 1900) and Bissell was the first female chief executive officer( CEO) of a large US company

Left to right: Clara Abbot, Lettie Pate Whitehead Evans, Anna Bissell and Marjorie Merriweather Post.

( 1889)— both central to their companies’ prosperity. Evans helped build the Coca- Cola bottling company before serving with distinction on Coca-Cola’ s board for two decades, while Post expanded General Foods globally and supported the 1930s movement for gender diversity on boards.

These women demonstrated how commitment to both customers and employees enable a corporation to grow for the benefit of shareholders. In forging such virtuous circles, these women were capitalists with a soul— relevant models amid ongoing debates over shareholder primacy, stakeholder interests and gender diversity.

Clara Abbott: America’ s First Female Corporate Director

Decades before the 19th Amendment granted women the right to vote in America, Clara Abbott( 1857 – 1924) became the first woman director of a US public company. She used her seat to guide the early strategic growth of Abbott Labs and instill a culture of corporate responsibility.

Born in 1857 in Pomfret, Vermont, Clara married her childhood sweetheart, Dr. Wallace C. Abbott, in 1886, shortly after he received his MD from the University of Michigan. Dr. Abbott was both a physician who made house calls and a druggist who ran the fledgling company from the family home in Chicago.

Clara Abbott served on the Abbott Labs board from 1900 to 1908 and again from

1911 until her death in 1924, when the company was still private. After Dr. Abbott’ s death in 1921, she inherited a significant ownership stake in the company about which she already had a deep understanding of its operations and values.

Through her board service, Clara helped steer the firm through World War I and the challenging postwar economy. She understood that companies have a duty primarily to their shareholders but also believed they had an obligation to employees and customers, who responded with dedication and trust

At her death in 1924, Clara’ s will established The Clara Abbott Foundation to benefit Abbott employees. She donated 12,000 shares of Abbott stock to be used“ in furtherance of my beloved husband’ s profession and work.”

Today, Abbott Labs employs 114,000 people in more than 160 countries and generates annual revenues exceeding $ 40 billion. The Clara Abbott Foundation, now worth more than $ 200 million, has for over 80 years provided Abbott families with assistance in healthcare, education and basic living expenses.

Clara Abbott’ s boardroom work and legacy exemplify the power of quiet leadership rooted in both business and social purpose. She stands as a clear example of how an organization’ s economic success and well-being are enhanced by cultivating lasting commitment from its customers and enduring trust among its workforce.

8 FINANCIAL HISTORY | Fall 2025 | www. MoAF. org